Bank credit in the ERM: an investigation of the role of Germany

Mark Holmes ()

Applied Economics Letters, 1996, vol. 3, issue 5, 325-328

Abstract: This letter examines the role of Germany in the determination of bank credit in the EU. For a sample of ERM members, the Johansen procedure is employed to test for bivariate cointegrating relationships with Germany. Causality is investigated using the error correction methodology advocated by Engle and Granger. Long-run equilibrium relationships with Germany are identified in all cases. However, the results lend limited support to the German dominance hypothesis since credit provision appears to be more interactive in nature.

Date: 1996
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DOI: 10.1080/135048596356447

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